JG Summit Holdings (PHS:JGS) Beneish M-Score : -2.58 (As of May. 12, 2024)

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What is JG Summit Holdings Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for JG Summit Holdings's Beneish M-Score or its related term are showing as below:

PHS:JGS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.91 Med: -2.5 Max: -1.72
Current: -2.58

During the past 13 years, the highest Beneish M-Score of JG Summit Holdings was -1.72. The lowest was -3.91. And the median was -2.50.

JG Summit Holdings Beneish M-Score Historical Data

The historical data trend for JG Summit Holdings's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

JG Summit Holdings Beneish M-Score Chart

JG Summit Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.53

-1.94

-2.28

-2.74

-2.63

JG Summit Holdings Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.73	-3.04	-3.09	-2.63	-2.58

Competitive Comparison of JG Summit Holdings's Beneish M-Score

For the Conglomerates subindustry, JG Summit Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

JG Summit Holdings's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, JG Summit Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where JG Summit Holdings's Beneish M-Score falls into.

JG Summit Holdings Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of JG Summit Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8996

0.528 * 0.7906

0.404 * 1.1744

0.892 * 1.1205

0.115 * 1.0617

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0726

4.679 * -0.020683

0.327 * 0.9239

-2.58

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₱49,732 Mil.
Revenue was 96742.044 + 92632.108 + 87942.829 + 81137.565 = ₱358,455 Mil.
Gross Profit was 30282.905 + 29174.54 + 27293.373 + 25917.124 = ₱112,668 Mil.
Total Current Assets was ₱239,046 Mil.
Total Assets was ₱989,894 Mil.
Property, Plant and Equipment(Net PPE) was ₱358,519 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱31,020 Mil.
Selling, General, & Admin. Expense(SGA) was ₱31,560 Mil.
Total Current Liabilities was ₱242,069 Mil.
Long-Term Debt & Capital Lease Obligation was ₱270,807 Mil.
Net Income was 10955.422 + 4669.543 + 4998.883 + 5377.996 = ₱26,002 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 7168.349 + 2372.006 + 10397.575 + 26537.475 = ₱46,475 Mil.

Total Receivables was ₱49,338 Mil.
Revenue was 82256.669 + 84725.432 + 71044.992 + 81882.959 = ₱319,910 Mil.
Gross Profit was 24076.554 + 18752.312 + 17603.402 + 19060.39 = ₱79,493 Mil.
Total Current Assets was ₱391,105 Mil.
Total Assets was ₱1,045,504 Mil.
Property, Plant and Equipment(Net PPE) was ₱301,559 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱27,850 Mil.
Selling, General, & Admin. Expense(SGA) was ₱26,260 Mil.
Total Current Liabilities was ₱382,284 Mil.
Long-Term Debt & Capital Lease Obligation was ₱204,051 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(49732.074 / 358454.546)	/	(49337.84 / 319910.052)
	=	0.13874	/	0.154224
	=	0.8996

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(79492.658 / 319910.052)	/	(112667.942 / 358454.546)
	=	0.248484	/	0.314316
	=	0.7906

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (239046.28 + 358519.065) / 989893.937)	/	(1 - (391104.801 + 301558.758) / 1045503.811)
	=	0.396334	/	0.337483
	=	1.1744

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	358454.546	/	319910.052
	=	1.1205

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(27849.62 / (27849.62 + 301558.758))	/	(31019.868 / (31019.868 + 358519.065))
	=	0.084544	/	0.079632
	=	1.0617

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(31559.589 / 358454.546)	/	(26259.638 / 319910.052)
	=	0.088043	/	0.082084
	=	1.0726

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((270807.049 + 242068.989) / 989893.937)	/	((204050.517 + 382283.71) / 1045503.811)
	=	0.518112	/	0.560815
	=	0.9239

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(26001.844 - 0	-	46475.405)	/	989893.937
	=	-0.020683

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

JG Summit Holdings has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

JG Summit Holdings Beneish M-Score Related Terms

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JG Summit Holdings (PHS:JGS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » JG Summit Holdings Inc (PHS:JGS) » Definitions » Beneish M-Score

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JGSHF:USA

Address

ADB Avenue Corner, Poveda Road, 43rd Floor, Robinsons-Equitable Tower, Ortigas Center, Metro Manila, Pasig City, RIZ, PHL, 1600

Website

https://www.jgsummit.com.ph

JG Summit Holdings Inc is a diversified Filipino conglomerate, engaged in foods, agro-industrial and commodities, real estate and hotel, air transportation, banking and petrochemicals. The company also has investments in telecommunications and power generation and distribution. It also has a branded consumer foods business in China, ASEAN and an investment in a property development company in Singapore. The Group conducts businesses throughout the Philippines, but primarily in and around Metro Manila and in the regions of Luzon, Visayas and Mindanao.

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